Nigerian economic growth reaches double digits Statistics Nigeria is reporting the country's fastest economic growth in fourteen years, saying its gross domestic product grew by 10.1% in the final months of 2018. It's the first time since 2004 that the speed of Nigeria's growth reached double digits. This is also the first time since the economy's negative growth rates in 2016.
In 2004, the economy grew by 33.7%, before sloping downwards to 5% the following year. Having assessed the reforms of President Muhammadu Buhari, think tanks, economists and scholars around the world are saying that the economy will achieve consistent and healthy development from here on.
Statistics Nigeria, Nigeria's primary statistics agency, says that the value of Nigeria's exports grew by 327.91% since last year. In 2017, Nigeria's export values numbered at $36.9 billion. In 2018, it valued at over $157.9 billion. This is thanks in large part due to the government's demolition of worker laws, which made labor cheaper compared to other countries; the rapid construction of factories across cities, which can provide a source of income for the uneducated Nigerian masses; increasing funding in education; as well as growing investment in businesses and construction projects across the country.
As of November 2018, the Nigerian economy is the 30th largest in the world, currently at $375.8 billion. Within 10 years, or around 2028, it is expected to reach $1 trillion. By then, it will be ranked the 17th largest economy in the world, toppling Turkey's position and approaching the position of the Netherlands. Within 60 years, Nigeria is expected to peak at and overtake Parhe's position as the world's second-largest economy, valued at $15 trillion, while closing the gap with China.
On a speech to the National Assembly in Abuja, renowned billionaire Warren Buffett declares:
"It is foolish to look at Nigeria's past economy. Then, it was stagnating; it was experiencing a sustained period of growths followed by contractions. Instead is wiser to look at its present. The government is shaking itself off corruption, it's encouraging an entrepreneurial system with its schools and business investments, it simply is going to be wealthy in the future. I trust that Nigeria has finally unleashed its economic potential, and that means that I am also proud to declare that I am expanding my empire into Nigeria."
Nigeria's family culture is unique, in that it involves a household, typically an extended family, divided between breadwinners and domestic workers. Thus, the medieval viewpoint that more children equates to more wealth is likely to persist in Nigeria, allowing the country to bypass demographic shifts that seem to stagnate countries' population growths. It is probable that Nigeria can reach a population of 1 billion within 2100, and compete with the likes of Mughalia and China.
This event is nonetheless monumental, marking Nigeria's stepping into the sun. Perhaps a millennium from now, Nigeria, both present and future, would be finally respected as an equal to Europe, India, and China within the annals of history.
(I'd like to point out that economic forecasts like that are largely useless. They tend to not factor in things like regional or global financial crises, major commodities losing value, natural and political disasters and other such events. To say that you will overtake all these countries and somehow become the world's largest economy within a stretch of time requires an absolutely absurd number of things to go perfectly for a ridiculously long time. Essentially, there's a reason that barring a few nations around the globe, economic statuses like the one you are trying to portray tend to remain the same, because most economies grow and even if one economy is growing faster than the others, it tends to be a matter of decades or even centuries, and not years before an eclipse can even be debated about.)
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